About the Platinum MasterCard® Secured Credit Card Program

The First Progress line of credit building credit cards is a new card program designed to help consumers establish credit records with the major consumer credit bureaus. Credit improvement information on each active card account is reported monthly to each of the three major credit bureaus—Experian, TransUnion, and Equifax. You post a security deposit to establish your credit line. Your security deposit serves as collateral for your obligations on the secured credit card account -- see "Security Interest" below.

The First Progress Platinum MasterCard® Secured Credit Card is a full-feature Platinum MasterCard® with a credit line based on a security deposit rather than on a credit score. The card is designed to advance the accumulation of new information in a credit file by reporting account activity to all three of the major national credit bureaus every month. And because it’s a full-feature Platinum MasterCard®, the card provides the protection, convenience, and prestige of the worldwide MasterCard® system.


AVAILABLE CREDIT: Your Available Credit is your Credit Limit less your outstanding balance and any amounts we at our sole discretion may add to keep your outstanding balance below your Credit Limit, such as Interest Charges and Fees incurred but not yet billed. Your initially available credit will be your initial Credit Limit, less the initial Annual Fee imposed after your Account is opened. For example, if your initial Credit Limit is $200 and the Annual Fee specified in the accompanying Summary of Terms is $29*, your initially available credit would be $271. The renewal Annual Fee, when imposed annually thereafter, will also reduce your then available credit by $29*. Or, for example, if your initial Credit Limit is $200 and if the Annual Fee specified in the accompanying Summary of Terms is $39**, your initially available credit would be $261. (The renewal Annual Fee, when imposed annually thereafter, would also reduce your then available credit by $39**.) Or, for example, if your initial Credit Limit is $200 and if your Annual Fee specified in the accompanying Summary of Terms is $44***, your initially available credit would be $256. (The renewal Annual Fee, when imposed annually thereafter, would also reduce your then available credit by $44***.) Your payments will not increase your Available Credit until we are assured that the payment has not been dishonored. This payment hold may take up to ten (10) days.

*As of August 7, 2013, the Annual Percentage Rate (APR) for Purchases for the Platinum Prestige MasterCard® Secured Credit Card is 11.99% and the APR for Cash Advances is 18.99%. These APRs will vary with the market based on the Prime Rate. The Minimum Interest Charge is $1.50. The Cash Advance Fee is $10 or 3% of the cash advance, whichever is greater. The Foreign Transaction Fee is 3% of the transaction amount.  

  **As of August 7, 2013, the Annual Percentage Rate (APR) for Purchases for the Platinum Select MasterCard® Secured Credit Card is 14.99% and the APR for Cash Advances is 19.99%. These APRs will vary with the market based on the Prime Rate. The Minimum Interest Charge is $1.50. The Cash Advance Fee is $10 or 3% of the cash advance, whichever is greater. The Foreign Transaction Fee is 3% of the transaction amount.  

  ***As of August 7, 2013, the Annual Percentage Rate (APR) for Purchases for the Platinum Elite MasterCard® Secured Credit Card is 19.99% and the APR for Cash Advances is 24.99%. These APRs will vary with the market based on the Prime Rate. The Minimum Interest Charge is $1.50. The Cash Advance Fee is $10 or 3% of the cash advance, whichever is greater. The Foreign Transaction Fee is 3% of the transaction amount.  

Security Interest. As a condition to approving an Account for you, you must maintain a deposit with us of not less than $200 (the “Deposit”). Your Deposit will be held in a co-mingled non-interest bearing deposit account with other customers’ deposits (“Deposit Account”). The Deposit Account is insured by the Federal Deposit Insurance Corporation to the extent permitted by law. You grant us a security interest in and pledge and assign to us that portion of the Deposit Account represented by your Deposit, including any funds deposited following the Effective Date of your Cardholder Agreement, to secure payment of all of your existing and future obligations under your Cardholder Agreement and on your Account (the “Security Interest”). Except for the Security Interest you are providing us, you shall cause the Deposit to remain unencumbered (i.e. not subject to any lien, judgment, attachment or execution). You may add funds to the Deposit Account only with our approval. If we approve such addition of funds, they must be mailed to us using a paper check at the address we specify at the time of approval. You are not permitted to initiate electronic transfers to or from the Deposit Account. You may not withdraw or transfer funds from the Deposit Account other than by our refund to you of any amounts remaining of your Deposit after your Account is closed and each of the following have occurred: (i) all amounts owed to us on your Account or otherwise owed under your Cardholder Agreement are paid in full, (ii) we receive from you all unexpired Cards, cut in half and (iii) a period of up to10 weeks has elapsed since your Account was closed and your unexpired Cards returned to us, during which we may retain any amounts remaining of your Deposit to allow for any outstanding transactions to be posted to your Account. If you or we close your Account for any reason, or you are in Default (as provided in your Cardholder Agreement), you authorize us, to the extent not prohibited by law, to apply all or any part of your funds in the Deposit Account towards the outstanding balance of your Account and any other amounts owed under your Cardholder Agreement without giving you prior notice. If we choose not to, or otherwise fail to apply your funds in the Deposit Account towards amounts owed on the Account or otherwise owed under your Cardholder Agreement, you agree that: (a) we do not thereby waive any right we have to do so at any later time, and to the extent not prohibited by law we may so apply such funds at any time, in our sole discretion; and (b) you are not thereby excused from the performance of any obligation owing with respect to the Account or otherwise under your Cardholder Agreement. However, if the Account is closed by you or by us for any reason, and we fail to apply your funds in the Deposit Account towards amounts owed on the Account or otherwise owed under your Cardholder Agreement, you may request in writing that we apply your funds in the Deposit Account towards such amounts. We will honor any such written request within 10 days after we receive it at P.O. Box 84010, Columbus, GA 31908-4010. If the amount of your funds in the Deposit Account exceeds the amount you owe us, then, we will refund to you any amounts of your Deposit remaining in the Deposit Account after all obligations owed to us are satisfied subject to the time period restrictions described above. Except for your Deposit in the Deposit Account, we do not have a security interest in any other of your property in connection with your Account. Funds in the Deposit Account are not held in trust for the Cardholder.


You must be a resident of a US state; however, at present the program is not available in Arkansas, Iowa, New York, or Wisconsin.

First Progress Platinum MasterCard® Secured Credit Cards are issued by Synovus Bank, Columbus, GA, member FDIC.